American news station CBS has bought Channel 10, rescuing the flailing station from oblivion.
"We have been able to acquire it at a valuation that gives us confidence we will grow this asset by applying our programming expertise in a market with which we are already familiar".
As part of the deal, CBS will acquire Network Ten's channels Ten, Eleven and One, as well as the TenPlay digital platform.
Administrator Jarrod Villani of KordaMentha said the company's receivers and administrators would "work closely together to ensure that operations continue uninterrupted while the transaction is finalised".
CBS Studios International president and CEO, Armando Nuñez, said Network Ten and CBS have enjoyed a close working relationship for almost two decades.
Ten, which broadcasts "Homeland" and "Masterchef Australia", had crumbled under the cost of buying programs from the U.S.as advertising revenue plunged. "We are committed to the efficient, reliable and successful turnaround, operation and development of Ten to support continued growth in Australian media".
Major investors in the Ten Network, Lachlan Murdoch, Bruce Gordon and James Packer, called in receivers. CBS is a content provider to Ten, partly through channel 11 - which it owned jointly with Ten.
The pair would have had to receive approval from the Australian Competition and Consumer Commission.
In a statement obtained by Xinhua, the administrators of the struggling network, KordaMentha, said that CBS has agreed to ensure that there will be no disruption of service for the local broadcaster.
The New York-based company has been going since 1927, with more than 240 television stations in the United States, as well the CBS radio network.
CBS will refinance Ten's current debt, according to a statement from the company. "Further details on the expected return to creditors and timing of the second creditors meeting will be provided by the Voluntary Administrators in their Report to Creditors to be released in the coming days".